Why arent women getting into investing? Gillian Boyes Women in - PowerPoint PPT Presentation

Why aren’t women getting into investing? Gillian Boyes Women in Super lunch| 1 August 2018 | Auckland

Agenda 1. Who says women aren’t into investing? 2. The obvious and perhaps not so obvious reasons 3. What can we do to help?

KiwiSaver Eight years into KiwiSaver, average balances for women members of the ANZ KiwiSaver Scheme were almost 28% lower than balances for men Source: ANZ research 2017 Source: FMA/CFFC Over 50s KiwiSaver in Money Week survey 2015

A lack of engagement relative to males Males significantly more likely to: • be happy with current scheme - consider it to be good or excellent value for money; • have read their annual statement, checked their balance, and/or compared their scheme with other schemes; • find the information on their annual statement about gains/losses and financial performance very useful; • have checked if their scheme is on track to produce the income they’re planning for in retirement; • have looked at the projections on their annual statement; • be in full-time employment and/or have an annual personal income of $50,000 or more. In contrast, females: • more likely to be uncertain what type of KiwiSaver fund they’re in • whether their fund is good value (23% don’t know compared to 12% of males) • and are also more likely to say they haven’t checked if their scheme is on track to produce the income they’re planning for in retirement (71% compared to 60% of males). Source: FMA KiwiSaver annual statements research 2018

Other investments Source: FMA Investor Confidence research 2017

Males are more knowledgeable and confident Source: FMA Investor Confidence research 2018

Not just a New Zealand problem Source: YouGov omnibus survey 2018 Source: Blackrock research quoted in time.com

Many of the reasons are obvious

Gender pay gap leads to a gender investing gap

Lack of knowledge and confidence

But NOT a lack of desire or ability

Advisers tend to be older and male

Language uses ‘male’ metaphors • ‘Beating’ the market – war, combat, physical fight • ‘Level playing field’ – sports • ‘Building’ your portfolio – construction

Imagery is subtly – or sometimes obviously masculine

Google images : Saving Tus experoria sit evelige ndiatec tisinihil estorro bernam ut hillo omnia disi dictio. Igeni a nobis moluptae. Henim int lam, nonsequas rem fuga. Este preped ut am, sit, quiat milland iaepedi sitatur? Untoria dolo con consequia quam vellanda sed ma dit, sinctur se quos doluptatem volum, sitetur sectem qui reperum

Google images : Investor Tus experoria sit evelige ndiatec tisinihil estorro bernam ut hillo omnia disi dictio. Igeni a nobis moluptae. Henim int lam, nonsequas rem fuga. Este preped ut am, sit, quiat milland iaepedi sitatur? Untoria dolo con consequia quam vellanda sed ma dit, sinctur se quos doluptatem volum, sitetur sectem qui reperum

What can we do? • Recognise the problem • Think about the products we offer • Think about how we offer them • Female role models • Opportunities for women to talk about investing

FMA KiwiSaver campaign

Campaign awareness results

What are your experiences – and your ideas?